Tonight’s sharp plunge in U.S. stocks inevitably brings to mind the market action in 2022.
Looking to history for reference, on the first trading day after the midterm elections, November 9, 2022, the S&P 500 fell more than 2%. But, unexpectedly, when the CPI inflation data came out the next day, the market reversed course in an instant, surging 5.5% in a single session.
Fast-forward to today: the closely watched nonfarm payrolls report is due tomorrow, November 6, and this year’s CPI report will be released next week, on November 10. They say history has a way of rhyming. Let’s wait and see whether the market will reprise that same tune this time around.
Looking to history for reference, on the first trading day after the midterm elections, November 9, 2022, the S&P 500 fell more than 2%. But, unexpectedly, when the CPI inflation data came out the next day, the market reversed course in an instant, surging 5.5% in a single session.
Fast-forward to today: the closely watched nonfarm payrolls report is due tomorrow, November 6, and this year’s CPI report will be released next week, on November 10. They say history has a way of rhyming. Let’s wait and see whether the market will reprise that same tune this time around.
